Stats: Türkiye’s overall polymer imports down by 7% in H1 on year

According to ChemOrbis Stats Wizard Pro, cumulative polymer imports in January-June eroded by 7% to 2.9 million tons from the same period in 2023. The fall came in tandem with macroeconomic struggles at home, let alone the adverse impact of a shipping turmoil that has pervaded the markets since late last year. In H1, Saudi Arabia (586,831 tons), the USA (384,204 tons), South Korea (265,221 tons), Russia (236,652 tons) and Egypt (175,667 tons) were the primary polymer suppliers, with respective market shares of 20%, 13%, 9%, 8% and 6%.

Logistic mishaps, macroeconomic headwinds weigh on import activity

Global supply chains were severely disrupted throughout the first half of 2024 as the escalating tension in the Middle East led to prolonged Red Sea diversions, which resulted in lengthier transit times. Adding to the scene were port congestions in Asia, mainly Singapore and China and a container shortage across the board. This “perfect storm” caused ocean container rates to skyrocket from December 2023. Spot freight rates almost quadrupled before they peaked in mid-July and started to retreat albeit in stages.

Macroeconomic challenges also played a role in lower imports as squeezed liquidity amid high interest rates and lower consumption in downstream markets dimmed activity. Shipping issues hammered exports on the side of manufacturers, as another factor to drag resin purchases down.

H1 imports from S. Arabia, Russia, and S. Korea down on year

Saudi Arabia’s market share was down from 23% in H1 2023 to 20% in H1 2024. Yet, the USA raised its share from 10% to 13% and ranked as the second largest polymer supplier, dethroning South Korea. South Korea’s share fell from 11% to 9%. Russia’s share was also down from 10% to 8%. Egypt achieved a slight increase of 1% in exports to Türkiye, bringing its share to 6%.

The Red Sea disruption curtailed imports from Saudi Arabia as the lingering geopolitical issues in the region kept lead times above 60 days. Spiking freight rates from Far East Asia in Q1 and Q2 this year capped imports from South Korea. Still, both suppliers faced only slight losses of 2-3% in their market shares.

Several players reported limited spot volumes from Russia to Türkiye throughout the first half of 2024, mirroring a 2% loss in the country’s share. This was attributed to Russia’s focusing more on its domestic PE market amid infrastructure projects, selling PP mostly on contract basis and a maintenance shutdown at its polyolefin units in late Q2.

In a product-based breakdown, PPH, HDPE, PS, ABS and PET imports posted declines in January-June from last year while PP copolymer, LLDPE, LDPE, EPS and PVC volumes were resilient despite financial challenges and supply chain disruptions on a global scale.



S. Korean PPH drops to 4th in top sellers list, but lifts share for PP copolymer

Türkiye imported 864,000 tons of PPH in the first half of 2024 while the figure eroded by around 15% compared to the same period in 2023, when imports stood at around 1 million tons.

Saudi Arabia was the top supplier with 275,000 tons although its market share was down from 39% to 32% compared to H1 2023. It was followed by Russia (167,000 tons), while the country lifted its share from 17% to 19% year on year. Egypt overtook South Korea’s place and became the third largest supplier with 98,000 tons, increasing its market share from 7% to 11%.

Meanwhile, South Korea dropped from the third to the fourth in the list of main suppliers with 86,000 tons, with its share in the total H1 volume receding from 11% to 10%.

PP copolymer imports totaled 234,000 tons in January-June this year, which indicated a 10% rise year-on-year. Saudi Arabia was the number one supplier with 48,000 tons although its market share was down from 28% to 21% amid lengthier lead times. It was followed by South Korea (42,000 tons) -which somehow lifted its share from 17% to 18% despite elevated freight rates- and Belgium (30,000 tons).

LDPE imports at highest since H1 2021

LDPE imports at 179,000 tons pointed to a marginal increase of 1% in the first half of this year and the highest volume since 2021 for this specific period, when Türkiye imported 183,000 tons of material. Saudi Arabia remained the top supplier with 23,000 tons and a 13% share in the total H1 volume. However, these figures were down from 28,000 tons and 15% in the same period of 2023. Saudi Arabia was followed by Spain with 22,000 tons and Iran with 21,000 tons, both with a 12% share.

H1 HDPE imports down 8% on year

Cumulative HDPE imports stood at 550,000 tons in H1 2024, down by 8% from the same period last year, according to ChemOrbis Stats Wizard Pro. Saudi Arabia overtook Iran’s place and became the number one supplier with 125,000 tons, lifting its market share from 18% to 23%. Iran’s HDPE exports to Türkiye were down from 113,000 tons to 98,000 tons, bringing its share down from 19% to 18%.

The USA – last year’s fifth biggest exporter to Türkiye- ranked as the third largest supplier with 74,000 tons while the country’s share in the total H1 volume rose from 8% to 13%

US LLDPE dethrones Iran in H1 2024

Türkiye’s H1 LLDPE imports barely changed at 362,000 tons, the yearly comparison suggested. The USA overtook Saudi Arabia’s place and became the number one supplier with 142,000 tons, lifting its market share from 27% to 39% on year. It was followed by Saudi Arabia with 104,000 tons and a 29% share, down from 34%. Iran remained the third biggest supplier with 25,000 tons, but the country’s share was down from 9% to 7%.

Imports of mLLDPE in H1 pointed to the lowest quantity since 2021 for the period while they eroded by 15% from H1 2023 to 66,000 tons. The USA remained the largest supplier with 34,000 tons, raising its share from 32% to 34%. The United Arab Emirates raised its market share from 7% to 10%, which out the country into the second spot on the top suppliers list with 7,000 tons. The Netherlands increased from the fifth to the third in the list with 6,000 tons, raising its share from 6% to 10%.

PVC sees marginal loss despite sluggish derivatives

PVC imports edged down by 0.8% to 467,000 tons during January-June. Türkiye’s largest PVC source was the USA with 110,000 tons while the country’s market share was up from 23% to 24% year on year. It was followed by Egypt and France (each 57,000 tons and 12% share). Imports from South Korea, last years’ third biggest supply source, dropped to 33,000 tons. The country dropped from third to sixth in the list as its market share was down by 2% to 7%.

H1 PS imports recede, EPS volumes steady

PS imports stood at 74,000 tons in H1, indicating a 7,5% decrease on the year. This was also the lowest figure since 2021, when imports stood at 73,000 tons for the period. Belgium remained the number one supplier of Türkiye with 17,000 tons while its market share rose from 22% to 23%. Iran overtook South Korea’s place with 15,000 tons and ranked as the second supplier in the list, with its share jumping from 5% to 21%. Meanwhile, South Korea’s share was down from 21% to 15%, with imports from the country falling to 11,000 tons in H1 2024 from 17,000 tons a year ago.

Looking at EPS, H1 imports did not change at 17,000 tons year over year. Iran (5,000 tons), China and Austria (each 3,000 tons) and Russia (2,000 tons) were the main suppliers, with respective market shares of 30%, 19-20% and 13%.

ABS imports see notable drop in January-June

In January-June, cumulative ABS imports decreased by 15% year over year to 76,000 tons. This quantity indicated a two-year low, as per data from ChemOrbis Stats Wizard Pro.

The top supply source was again South Korea with 45,000 tons. Although the cumulative H1 volume was down from 50,000 tons year on year, the country’s market share rose from 55% to 59%. Saudi Arabia dethroned Taiwan and became the second biggest seller with 8,000 tons. The Middle Eastern country raised its market share from 9% to 10%. Meanwhile, Taiwan saw its market share fall from 14% to 8%, putting the country in the third spot on the list of top suppliers. Imports from the country fell from 13,000 tons to 6,000 tons.

China and Malaysia stay top import PET suppliers

PET bottle imports plunged by 22% in H1 2024 to 38,000 tons from last year. The level pointed to a three-year low. China (25,000 tons) and Malaysia (5,000 tons) remained Türkiye’s biggest suppliers, with market shares of 67% and 12%, respectively.

As for PET textile imports, the volume was down by 2% to 40,000 tons during H1 this year while the top exporters to Türkiye remained China (18,000 tons) and Malaysia (10,000 tons). China’s share in total H1 volume plunged from 56% to 44% while Malaysia lifted its share from 22% to 25% in the period year on year.

South Korea dropped from the second to the eight in the list of top suppliers as its market share declined from 6% to 2%, with only 1 ton of exports to Türkiye in H1 this year.